The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SURVEY OF CURRENT BUSINESS November 1959 11 Table 1.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, 1957-58, and First Three Quarters 1959* Table 2.—Gross National Product or Expenditure, Seasonally Adjusted Quarterly Totals at Annual Rates, in Constant Dollars, 1957-58, and First Three Quarters 1959* [Billions of dollars] [Billions of 1954 dollars] 1957 1958 1958 I Gross national product Personal consumption expenditures Durable goods Nondurable goods Services _ _ _ I III II IV I II III 270 8 273 3 268.7 271 1 275.0 278.4 282.3 288 3 288 8 40.3 37.6 36 9 36 7 37 1 39 8 41 3 44 1 43 6 137.7 141.9 139.5 141.5 143. 1 143.6 145.3 147.7 148.0 106.7 113.4 111.0 112 7 114 2 115 7 117 4 119 4 121 6 54.9 52.4 51.3 54 2 61 3 69 8 77 5 67.0 36. 1 35 8 35 5 34 6 35 4 37 3 39 7 41 0 41 0 17.0 19.0 18 0 17.7 17 1 18.4 16 9 17.7 18 0 17.4 19 9 17.4 21 9 17.8 23 1 22 6 17.9 18.3 28.5 22.9 23.8 22.6 22 2 23.2 23 9 26.0 66.6 2.0 —3.8 —6 9 —5 8 —3 4 1.2 -4.9 Nontarm Net exports of goods and services (GNP basis) State and local III 284.8 293.0 287.3 290.9 294 4 299.1 303 9 311.2 313 3 Change in business inventories N ational defense Other Less : G o vernment sales II 408.3 399.0 391.0 393.1 400.9 410.8 420.6 431.8 424.3 Producers' durable equipment _ __ __ I 1959 Gross national product Residential nonfarm Other-. Federal IV 19 58 1958 Personal consumption expenditures New construction Government purchases of goods and services III 1957 442.5 441.7 431.0 434.5 444.0 457.1 470.2 484.5 478.6 Gross private domestic investment Exports _ Imports II 1959 —8 1 —7 0 —4 5 27.0 10.4 — 1.0 9.8 —1.8 Net exports of goods and services (GNP basis) Government purchases of goods and services . -.9 -1.8 .0 22.3 23.1 22.7 21. 1 21 5 22 5 21.5 22 4 22.1 23.9 24.1 24. 1 86.2 92.6 89.3 91.1 93.8 96.5 97.4 97.7 98.4 49.4 52.2 50.1 51.3 53.1 54.2 53.8 53.9 53.6 44.3 44.5 45.3 45.8 46.2 7.5 8.9 9.4 8.3 8.0 .3 .6 .5 .3 .3 45.9 8. 1 .4 42 2 44.8 36.8 40 5 39 2 39.7 40 8 Producers' durable equipment _ _-_ Change in business inventories . -_ . Nonfarm 54 2.0 44.3 44.5 44.0 5.5 8.1 6.6 .5 .5 .4 New construction Residential nonfarm Other 61 22.2 20.2 1.6 Gross private domestic investment .8 1.2 1.2 38 5 35 7 35 2 35 0 35 3 37 5 38 8 41 2 40 6 132 6 133.7 131.3 132.7 135.3 135.6 137.3 139.7 139.4 99 8 103 8 102 2 103 4 104.4 105 3 106 2 107 4 108 8 — 1 26.2 22.6 21.3 21.3 4.9 Durable goods Nondurable goods Services .2 43 6 43.8 *For back data see Table 1-3 in the July 1959 Survey and, for years prior to 1956, in U.S. INCOME AND OUTPUT. but also the special sensitivity of the latter to changes in general credit conditions. The contraction in residential building 4 years ago, like the advance which preceded it, had been largely confined to activity under Government insurance or guarantee. The rise of 1958-59 was concentrated to a much lesser degree in such Government-backed housing, and the decline last summer was apparently no more pronounced in FHA and VA than in conventional starts. Applications for Federal backing, which have generally led the movement of "starts" in this category, have tapered more than seasonally since midyear. The decline is still apparent after allowance is made for the distortion due to a bulge in FHA applications just before the July 1 effective date of that agency's new minimum property standards. Federal State and local __ 58 5 47 3 45 0 44 2 46 6 53 0 59 7 65 7 56 4 31 9 15 4 16.5 31 5 16 2 15.2 31 3 15.4 15.9 30 5 15.3 15.1 31 2 16.3 15.0 32 6 17.8 14.8 34 3 19.3 15.0 35 1 20 2 14.9 34 9 19 7 15.2 24.6 19 3 20.1 19.0 18.6 19.3 19.8 21.3 22.1 2.0 -3.5 -6.4 -5.3 -3.2 1 1 —4 4 —7.2 —6. 1 -4.2 1.1 .0 5.6 4.7 3.8 .0 As in other recent periods, the larger part of the summer increase in business fixed investment demand was in equipment, but a rise was also scheduled in industrial and other nonresidential construction activity. Total capital outlays are up about one-tenth in real terms from their mid-1958 low, though still under the prerecession peak by a similar fraction. In current-dollar terms a somewhat larger measure of recovery has been achieved, owing to the advance of prices. The pattern of change at midyear tended with few exceptions to mirror in reverse that of the 1957-58 downswing, which had centered in manufacturing, mining and railroads and had a more limited impact on the utilities. .5 -1.4 -2.7 -3.5 -1.9 75.1 78.4 76.5 77.7 78.9 80.8 81.3 81.4 81.0 42.8 32 3 44. 1 34 4 42.8 33.7 43.9 33.8 44.3 34.6 45.2 35 5 44.9 36.4 45.0 36 4 44. 1 36 9 *For back data see Table 1-5 in the July 1959 Survey and, for years prior to 1956, in U.S. INCOME AND OUTPUT. The course of demand for business plant and equipment last summer appears to have been relatively little influenced by the current stringency in financial conditions. For corporate business as a whole, internal funds becoming available during the quarter were less than last spring but in line with most other recent quarters; the total of funds needed for the financing of fixed capital investment and inventory-building dropped as inventories were reduced. Inventory liquidation in metals Curtailed by work stoppages, national output fell short of final purchases in the summer quarter, as business inventories were drawn down. This movement was a sharp reversal of the spring inventory buildup. Most of the swing occurred in metal and metal-products manufacturing, which was afTable 3.—Personal Consumption Expenditures by Major Type, Seasonally Adjusted Quarterly Totals at Annual Rates, 1957-58 and First Three Quarters 1959* [Billions of dollars] 1957 1958 1959 1958 I Business fixed investment .1 .8 9.2 -.6 8.6 — 1 4 II III IV I II III Goods and services, total... 284.8 293.0 287.3 290.9 294.4 299.1 303.9 311.2 313. 3 Durable goods, total Automobiles and parts _ __ Furniture and household equipment Other 40.3 17.0 37.6 14.0 36.9 13.5 36.7 13.6 37.1 13.2 39.8 15.7 41.3 17.2 44.1 18.8 43.6 18.2 17.4 5.8 17.4 6.2 17.2 6.1 17.0 6.1 17.6 6.3 17.8 6.3 17.7 6.4 18.8 6.4 18.9 6.5 Nondurable goods, total _ _ Food and beverages Clothing and shoes _ Gasoline and oil Other 137.7 141.9 139.5 141.5 143.1 143.6 145.3 147.7 148.0 74.3 76.6 75.8 77.0 76.6 77.0 77.8 79.0 78.8 25.4 26.1 25.3 25.7 26.7 26.6 26.7 27.8 27.8 10.4 10.5 10.3 10.4 10.7 10.7 11.0 11.1 11. 3 27.6 28.7 28.1 28.3 29.1 29.3 29.8 29.8 30.1 Services, total Housing - -Household operation Transportation Other 106.7 113.4 111.0 112.7 114.2 115.7 117.4 119.4 121.6 35.2 38.0 37.0 37.7 38.4 39.0 39,6 40.3 41.0 15.8 16.9 16.5 16.8 17.0 17.2 17.3 17.6 17.8 9.2 9.5 9.1 9.3 8.9 8.9 9.3 9.0 9.1 46.8 49.4 48.6 49.2 49.7 50.3 51.1 52.1 53.4 *For back data see Table II-6 in the July 1959 Survey and, for years prior to 1956, in U.S. INCOME AND OUTPUT. * BUSINESS STATISTICS Wontki J. HE STATISTICS here are a continuation of the data published in the 1959 edition of BUSINESS STATISTICS, biennial Statistical Supplement to the SURVEY OF CURRENT BUSINESS. That volume (price $2.25) contains monthly (or quarterly) data for the years 1955 through 1958 and monthly averages for all years back to 1929 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1955. Series added or significantly revised since publication of the 1959 BUSINESS STATISTICS are indicated by an asterisk (*) and a dagger (f)> respectively; certain revisions for 1958 issued too late for inclusion in the aforementioned volume appear in the monthly SURVEY beginning with the July 1959 issue. Except as otherwise stated, the terms "unadjusted" and "adjusted" refer to adjustment for seasonal variation. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights. 1958 Unless otherwise stated, statistics through 1958 and descriptive notes are shown in the 1959 edition of SeptemNovem- DecemBUSINESS STATISTICS October ber ber ber 1959 January February March April May June July August SeptemOctober ber GENERAL BUSINESS INDICATORS NATIONAL INCOME AND PRODUCT Seasonally adjusted quarterly totals at annual rates: National income, total bil. ofdoL. 369.5 380.4 389.4 403.9 258.5 241 1 197 1 10 0 34.0 17.5 262.9 245 1 200 8 9 9 34.4 17.8 269. 9 250 9 206 2 9 8 34.8 19.0 278.9 259 4 214 0 98 35.6 19.6 279 3 259 5 213 5 98 36 3 19 8 Proprietors' income, totalcf do Business and professional^ -~ do Farm do __ Rental income of persons . . _ __ -.do Corporate profits and inventory valuation adjustment, total - _ _ _-bil. of doL_ Corporate profits before tax, total do Corporate profits tax liability __do Corporate profits after tax _. _ - _ d o Inventory valuation adjustment do 46.8 32.6 14 2 11.9 47 4 33.2 14 1 11.9 46 9 33.7 13 2 12.0 46 6 34.5 12 1 12 0 45 34 10 12 38.0 38 3 18.8 19.5 -.3 43.5 44 6 21.9 22.7 —1.1 45. 5 46 5 22.6 23.8 51.0 52 6 25.6 27.0 — 1.6 Net interest do 14.4 14.7 15.1 15.4 15 8 -do 444.0 457.1 470.2 484.5 478 6 Personal consumption expenditures, total do. _ _ Durable goods __ _ - --do _ _ . Nondurable goods do Services -do 294.4 37.1 143.1 114.2 299.1 39.8 143.6 115 7 303.9 41.3 145.3 117 4 311.2 44.1 147.7 119 4 313 3 43.6 148 0 121 6 Gross private domestic investment, total do _ . _ New construction __ -_do.. Producers' durable equipment -do Change in business inventories do 54.2 35. 4 22.2 -3.4 61 3 37.3 23 2 69 8 39.7 23 9 77 41 26 10 5 0 0 4 67 0 41 0 27 0 — 1.0 Net exports of goods and services.- do._ _ Exports __ do Imports .-- do _ _ Government purchases of goods and services, total bil. of doL. Federal (less Government sales) do National defense 9 -do ___ State and local -do ___ 1.6 .2 -.9 Compensation of employees, total Wages and salaries, total Private Military Government civilian _ __ Supplements to wages and salaries do -- do __ do __ do do do - Gross national product, total Personal income, total.. _Less: Personal tax and nontax payments Equals: Disposable personal income _ do__ do do Personal savirig§ do .8 —.9 6.1 1 8 3 0 .0 23.1 21.5 22 7 22.5 21 5 22.4 — 1.8 22 1 23.9 24 1 24. 1 93.8 53.1 44.5 40. 8 96.5 54.2 45.3 42.2 97.4 53 8 45.8 43.6 97.7 53 9 46 2 43.8 98.4 53 6 45 9 44 8 366. 3 43.4 322. 9 371 8 44.4 327.4 381 1 45.8 335.3 381 0 45 9 335. 1 23.7 23.5 24.1 21.9 363. 4 42.9 320.4 -26.0 - GNP in constant (1954) dollars Gross national product, total bil. of dol 400 9 410 8 420 6 431 8 424 3 Personal consumption expenditures, total do Durable goods-.. __ _ _ _ _ _ d o _ _ Nondurable goods do.- _ Services do. _. 275 0 35.3 135.3 104.4 278 4 37. 5 135.6 105.3 282 3 38.8 137 3 106. 2 288 3 41 2 139 7 107.4 288 40 139 108 Gross private domestic investment, total do New construction __ - do Producers' durable equipment do .. Change in business inventories do ._ 46.6 31.2 18.6 -3.2 53.0 32 6 19.3 59. 7 34 3 19.8 65. 7 35 1 21 3 9.2 56. 4 34 9 22 1 —.0 .5 —1 4 —2 7 35 19 78.9 44.3 34.6 80.8 45.2 35. 5 81.3 44 9 36.4 81.4 45 0 36.4 81.0 44 1 36.9 Net exports of goods and services do Government purchases of goods and services, total bil. of dolFederal _.._. - - do ... State and local ._ . _ _ - _ _ . _ _ -do 1.1 5.6 8 6 4 8 r Revised. d"Includes inventory valuation adjustment. 9 Government sales are not deducted. § Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above. 529257°—-59 S-l
@FedFRASER